IRS Issues Final Regulations on Extended Rollover Period For Qualified Plan Loan Offset
Tuesday, December, 08, 2020
The IRS has released final regulations on the rollover period for a qualified plan loan offset amount. Previously, the IRS had issued proposed regulations related to the extended rollover period for a qualified plan loan offset amount. Read More
- Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
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IRS Provides Guidance on Distributions from Terminating 403(b) Plans
Friday, November, 06, 2020
The Department of the Treasury and the Internal Revenue Service issued guidance for employers and employees with terminating 403(b) plans that fund benefits through 403(b)(7) custodial accounts. The guidance reflects changes provided in the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act). Read More
2021 COLA Adjustments: 401(k) Contribution Limit Remains $19,500 for 2021
Tuesday, October, 27, 2020
The Internal Revenue Service announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2021 in Notice 2020-79. Key employee contribution limits remain unchanged The limit on contributions by employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan remains unchanged at $19,500. Read
Plan Withholding Requirement For State Unclaimed Funds
Monday, October, 19, 2020
Under Revenue Ruling 2020-24, the Internal Revenue Service has ruled that a qualified retirement plan must withhold federal income tax from retirement payments it makes to a state unclaimed property fund and that it must report the payments on Form 1099-R (Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.). Read More